5-star analyst slaps Apple stock with downgrade
Photo: Finbold
A five-star Wall Street analyst has downgraded Apple (NASDAQ: AAPL ) stock to ‘Hold’ from ‘Buy’, citing weaker iPhone shipment expectations and rising memory costs that threaten earnings growth. Loop Capital analyst Ananda Baruah cut the price target from $370 to $330, a 10.81% reduction that implies 3.77% downside from Apple’s closing price of $342. Notably, the analyst had expected Apple to recover most of the units lost after cutting its September and December quarter iPhone shipment estimates by 10%. The firm initially attributed the reductions to supply constraints involving memory and processors rather than weaker consumer demand.
Source: Finbold
